Victorian Current Acts Victorian Current Acts(1) If a tax default occurs, the taxpayer is liable to pay interest on the amount of tax unpaid calculated on a daily basis from the end of the last day for payment until the day it is paid at the interest rate from time to time applying under this Division.
(2) Interest is payable under subsection (1) in respect of a tax default that consists of a failure to pay penalty tax under Division 2 but is not payable in respect of any failure to pay interest under this Division.
S. 25 amended by No. 47/1999 s. 23(2) (ILA s. 39B(1)).